XML 33 R23.htm IDEA: XBRL DOCUMENT
v3.24.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Assets And Liabilities Recorded At Fair Value On A Recurring Basis | The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023.
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
June 30, 2024 |  |  |  |  |  |  |  |
Deferred compensation plan assets | $ | 110 |  |  | $ | 110 |  |  | $ | — |  |  | $ | — |  |
Equity securities | 46 |  |  | 46 |  |  | — |  |  | — |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | 1,304 |  |  | 1,304 |  |  | — |  |  | — |  |
Residential mortgage-backed securities (a) | 9,678 |  |  | — |  |  | 9,678 |  |  | — |  |
Commercial mortgage-backed securities (a) | 4,674 |  |  | — |  |  | 4,674 |  |  | — |  |
Total investment securities available-for-sale | 15,656 |  |  | 1,304 |  |  | 14,352 |  |  | — |  |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate contracts | 203 |  |  | — |  |  | 203 |  |  | — |  |
Energy contracts | 565 |  |  | — |  |  | 565 |  |  | — |  |
Foreign exchange contracts | 32 |  |  | — |  |  | 32 |  |  | — |  |
Total derivative assets | 800 |  |  | — |  |  | 800 |  |  | — |  |
Total assets at fair value | $ | 16,612 |  |  | $ | 1,460 |  |  | $ | 15,152 |  |  | $ | — |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate contracts | $ | 480 |  |  | $ | — |  |  | $ | 480 |  |  | $ | — |  |
Energy contracts | 558 |  |  | — |  |  | 558 |  |  | — |  |
Foreign exchange contracts | 22 |  |  | — |  |  | 22 |  |  | — |  |
Other financial derivative liabilities | 6 |  |  | — |  |  | — |  |  | 6 |  |
Total derivative liabilities | 1,066 |  |  | — |  |  | 1,060 |  |  | 6 |  |
Deferred compensation plan liabilities | 110 |  |  | 110 |  |  | — |  |  | — |  |
Total liabilities at fair value | $ | 1,176 |  |  | $ | 110 |  |  | $ | 1,060 |  |  | $ | 6 |  |
December 31, 2023 |  |  |  |  |  |  |  |
Deferred compensation plan assets | $ | 104 |  |  | $ | 104 |  |  | $ | — |  |  | $ | — |  |
Equity securities | 39 |  |  | 39 |  |  | — |  |  | — |  |
Investment securities available-for-sale: |  |  |  |  |  |  |  |
U.S. Treasury securities | 1,605 |  |  | 1,605 |  |  | — |  |  | — |  |
Residential mortgage-backed securities (a) | 10,519 |  |  | — |  |  | 10,519 |  |  | — |  |
Commercial mortgage-backed securities (a) | 4,745 |  |  | — |  |  | 4,745 |  |  | — |  |
Total investment securities available-for-sale | 16,869 |  |  | 1,605 |  |  | 15,264 |  |  | — |  |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate contracts | 225 |  |  | — |  |  | 225 |  |  | — |  |
Energy contracts | 758 |  |  | — |  |  | 758 |  |  | — |  |
Foreign exchange contracts | 36 |  |  | — |  |  | 36 |  |  | — |  |
Total derivative assets | 1,019 |  |  | — |  |  | 1,019 |  |  | — |  |
Total assets at fair value | $ | 18,031 |  |  | $ | 1,748 |  |  | $ | 16,283 |  |  | $ | — |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate contracts | $ | 435 |  |  | $ | — |  |  | $ | 435 |  |  | $ | — |  |
Energy contracts | 736 |  |  | — |  |  | 736 |  |  | — |  |
Foreign exchange contracts | 35 |  |  | — |  |  | 35 |  |  | — |  |
Other financial derivative liabilities | 12 |  |  | — |  |  | — |  |  | 12 |  |
Total derivative liabilities | 1,218 |  |  | — |  |  | 1,206 |  |  | 12 |  |
Deferred compensation plan liabilities | 104 |  |  | 104 |  |  | — |  |  | — |  |
Total liabilities at fair value | $ | 1,322 |  |  | $ | 104 |  |  | $ | 1,206 |  |  | $ | 12 |  |
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2024 and 2023.
|  |  |  | Net Realized/Unrealized Gains (Losses) (Pretax) Recorded in Earnings (a) |  |  |  |  |  |  |  |  |  |
(in millions) | Balance at Beginning of Period |  |  | Realized |  | Unrealized |  |  |  |  |  |  |  |  |  | Balance at End of Period
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative liabilities | $ | (12) |  |  |  | $ | 6 |  |  | $ | — |  |  |  |  |  |  |  |  |  | $ | (6) |
Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative liabilities | (12) |  |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |  |  | (14) |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative liabilities | (12) |  |  |  | 6 |  |  | — |  |  |  |  |  |  |  |  |  |  | (6) |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial derivative liabilities | (12) |  |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |  |  | (14) |
(a)Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023.
(in millions) | Level 3
June 30, 2024 |
Loans: |
Commercial | $ | 21 |
Commercial mortgage | 46 |
International | 7 |
Residential mortgage | 8 |
Total loans | 82 |
Loans held-for-sale | 217 |
Other real estate | 7 |
Total assets at fair value | $ | 306 |
December 31, 2023 |
Loans: |
Commercial | $ | 12 |
Commercial mortgage | 16 |
International | 16 |
Total loans | 44 |
Loans held-for-sale | 231 |
Other real estate | 5 |
Total assets at fair value | $ | 280 |
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis | The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:
| Carrying Amount |  | Estimated Fair Value
(in millions) |  | Total |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2024 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 719 |  |  | $ | 719 |  |  | $ | 719 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits with banks | 4,093 |  |  | 4,093 |  |  | 4,093 |  |  | — |  |  | — |
Other short-term investments | 21 |  |  | 21 |  |  | 21 |  |  | — |  |  | — |
Total loans, net of allowance for loan losses (a) | 51,164 |  |  | 50,412 |  |  | — |  |  | — |  |  | 50,412 |
Liabilities |  |  |  |  |  |  |  |  |
Demand deposits | 55,785 |  |  | 55,785 |  |  | — |  |  | 55,785 |  |  | — |
Time deposits | 6,674 |  |  | 6,682 |  |  | — |  |  | 6,682 |  |  | — |
Total deposits | 62,459 |  |  | 62,467 |  |  | — |  |  | 62,467 |  |  | — |
Short-term borrowings | 1,250 |  |  | 1,250 |  |  | 1,250 |  |  | — |  |  | — |
Medium- and long-term debt | 7,112 |  |  | 7,190 |  |  | — |  |  | 7,190 |  |  | — |
Credit-related financial instruments | (63) |  |  | (63) |  |  | — |  |  | — |  |  | (63) |
December 31, 2023 |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 1,443 |  |  | $ | 1,443 |  |  | $ | 1,443 |  |  | $ | — |  |  | $ | — |
Interest-bearing deposits with banks | 8,059 |  |  | 8,059 |  |  | 8,059 |  |  | — |  |  | — |
Other short-term investments | 24 |  |  | 24 |  |  | 24 |  |  | — |  |  | — |
Total loans, net of allowance for loan losses (a) | 51,425 |  |  | 50,633 |  |  | — |  |  | — |  |  | 50,633 |
Liabilities |  |  |  |  |  |  |  |  |
Demand deposits | 58,476 |  |  | 58,476 |  |  | — |  |  | 58,476 |  |  | — |
Time deposits | 8,286 |  |  | 8,391 |  |  | — |  |  | 8,391 |  |  | — |
Total deposits | 66,762 |  |  | 66,867 |  |  | — |  |  | 66,867 |  |  | — |
Short-term borrowings | 3,565 |  |  | 3,565 |  |  | 3,565 |  |  | — |  |  | — |
Medium- and long-term debt | 6,206 |  |  | 6,207 |  |  | — |  |  | 6,207 |  |  | — |
Credit-related financial instruments | (72) |  |  | (72) |  |  | — |  |  | — |  |  | (72) |
(a)Included $82 million and $44 million of loans recorded at fair value on a nonrecurring basis at June 30, 2024 and December 31, 2023, respectively.

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration